5 Common Mistakes In Business That Entrepreneurs Should Avoid
As a result, before they know it, the situation gets worse and worse and the negative effects surface. In this article, we will tackle 5 common mistakes entrepreneurs commit and ways to avoid them to ensure success for their business.
1. They don’t notice what’s wrong
This is a bit of a common sense, but it is true that some entrepreneurs don’t seem to notice if there is something wrong with the business. An important thing to always remember is that all businessmen should always monitor everything about the business. Some points to monitor are sales, employees, product quality, customer satisfaction etc.
Do not get too profit happy that will lead to you taking other things for granted. Always see to it that all aspects of the business are doing well, and take the time off the business’s busy schedule to monitor and survey about all tidbits of the venture. Always detect problems as early as possible to counter act them and avoid possible damages to the business.
2. Lack of start up idea
Business persons have lots of enthusiasm to get started and earn. But some business ideas end up bad and lead to failure and debt. The problem is that before shelling out huge capital and putting up the business, they fail to plan the business first, and that is a huge no-no.
No matter how great a business idea is, if there is no thorough and detailed planning, the idea cannot be put into place exactly as you want to. Always plan and talk about all the facts and ideas first, and some points to discuss about are the concept, products or services, prices, suppliers, timeline of the business, expenses etc. So never rush into things and always take significant time of planning before taking a calculated risk. Always go into a gun fight with bullets in your gun!
3. Ineffective web presence
Modern business structures should have social media efforts within their activities. No business will survive without customers so it will be vital for any business to socially interact with its customers.
Needless to say, internet social networking sites like Facebook, Twitter, and Multiply are good media to use, the reason why many business organizations use them.
Simply having a company website is not enough to make significant noise on the web; you need to make your audience see your site too!
So take advantage of those networking sites and create a company profile there to market and link to your company website. Periodically post interesting info about your business, and accompany those with interesting catchy pictures or videos to attract more audience. Stay in touch with your customers and have a good relationship with them! Putting up different promos and ads there will surely help too!
4. Hiring the people you want rather than the people you need
It is within our comfort levels to be partners with the people we like and know. Often times, people want to do business with schoolmates, friends, families etc. However, sometimes making personal and emotional preferences rather than logical ones will not be always the best thing to do. Always remember that the business will only run if you hire or partner with people that have the knowledge or capabilities to run parts of the business.
Of course it will be better to work with pleasant people that you feel comfortable with, but make sure they possess the needed skills. Always prioritize capabilities rather than relationships with the people you hire. If you need a secretary, hire someone that has the best social and management skills, not just someone you like and know. But if you find someone you know already that has the skills, then you are lucky!
5. Not being up to par with the competition
Because you are able to succeed at your first month does not guarantee that everything will go smooth indefinitely.
Always remember that you are not the only entrepreneur on Earth. Competitions will never ever go away so consider them too in your venture. Research and strategize on how to ensure you are up to par with your nemeses. Regularly go out and see how well your competitors are doing, and if you see some things that they have that you don’t, plan on how you can attain them and think how you can do better!
Put in mind that customers will want the best quality products and services at the lowest possible prices so do your research and execute the plan and be the best!
With these 5 common mistakes in mind, do not fall into the same hole as most entrepreneurs have. The summary is to always keep an open eye on things and plan. Never ever take anything fore granted to avoid undesirable effects.
The foregoing article was a guest post by Ann Joy Perez, a 25 years old former Marketing Assistant and an alumna of Arellano University in the Philippines. She is into almost all types of Music especially love songs. She also love playing basketball, video games, watching entertainment and films and news on TV. Follow her interest on her Tumblr.
Tagged as: 5 common entrepreneurs mistakes, business profit, competition, Facebook and twitter marketing, web presence and social media marketing